In 2018, President Donald Trump repealed key rules designed to regulate mid-sized financial institutions — such as Silicon Valley Bank (SVB), which last week became the second-largest bank to fail in U.S. history. Fifty congressional Democrats sided with Republicans to pass the repeal.
Now, as policymakers warn that the 2018 legislation may have helped pave the way for SVB’s collapse, we provide the crucial context on who backed the repeal, what they said about it at the time, and what they’re saying now amid the banking panic.
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If you want to see how your House and Senate lawmakers voted on deregulating the banks, see the House vote here and the Senate vote here.
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The only way to force those in power to do right is to continue exposing these kinds of inconvenient truths.
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